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The latest quarterly InterTradeIreland Business Monitor Report (Jul-Sep 2017) shows that despite the UK voting to leave the EU over 12 months ago, the proportion of companies with a plan in place to deal with the potential outcomes of Brexit remains low at 5%. 41% of those with cross-border sales reported that Brexit had already had a negative impact on their business.
The nature of the trade arrangements that will be in place following the exit of the UK from the EU is currently unknown and will be the subject of considerable negotiation over the coming years. To inform this process, this research examines current cross-border trading patterns and considers the potential impacts on overall trade of the application of current EU WTO tariffs. The impact of Non-Tariff Barriers (NTB’s) and changes to the euro-sterling exchange rate are also examined. The total impact on trade is derived from a combination of the size of the price increase caused by the tariff and NTBs and the sensitivity of trade to price changes.
This report was funded by the Department of Jobs Enterprise and Innovation and undertaken by the Economic and Social Research Institute (ESRI) and developed with input from the Department of Jobs Enterprise and Innovation, Department of Agriculture, Food & the Marine, Revenue Commissioners and the Department for the Economy.